Cryptocurrency exchange KuCoin immediately terminated all services for users in Russia and Belarus on October 29, 2026, citing legal and regulatory compliance without naming specific rules. The exit follows similar moves by competing platforms MEXC and Bitget amid tightening Western sanctions from the European Union and the United Kingdom. Meanwhile, Russia's central bank appointed NAUFOR as a crypto self-regulator under domestic laws, leaving an estimated 20 million Russian users facing shifting venues.
KuCoin announces exit from Russia and Belarus
- ▪KuCoin did not publicly disclose the specific sanctions measures behind its decision to exit Russia and Belarus, the number of affected user accounts, or the total trading volume involved in its exit
- ▪Cryptocurrency exchange KuCoin announced the immediate termination of all products, services, and features for users in Russia and Belarus
- ▪KuCoin stated that affected customers in Russia and Belarus will receive notifications detailing deadlines and instructions to close positions and withdraw assets, while unnotified accounts require no action
European Union sanctions
- ▪In July 2026, the European Union targeted a $120 billion cryptocurrency network known as A7
- ▪In April 2026, the European Union's 20th sanctions package prohibited cryptocurrency use with companies registered in Russia and Belarus, followed by the EU's 21st sanctions package on July 23, 2026, extending restrictions to 14 foreign crypto firms
Russia establishes self-regulatory crypto framework
- ▪Under Russian Federal Law No. 282-FZ, registered crypto exchange operators and digital depositories have 90 days from October 29, 2026 to join an official self-regulatory body such as NAUFOR
- ▪The Bank of Russia granted self-regulatory status to the NAUFOR for digital financial asset and crypto platform operators
Russian crypto market size and adoption
- ▪Chainalysis reported that Russia received $376.3 billion in cryptocurrency transactions between July 2024 and June 2025, exceeding Britain's $273.2 billion over the same timeframe
- ▪Russian Deputy Finance Minister Ivan Chebeskov stated that approximately 20 million Russians hold digital assets and related products valued at 3.7 trillion rubles
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